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ARTICLE · 16 NOVEMBER 2013

The ATO is issuing section 264 notices on dividend access shares

Cooper Grace Ward
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The ATO may issue s 264 notices to some accountants for the production of documents relating to dividend access shares.

AustraliaTax
Fletch Heinemann
Fletch Heinemann
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We understand the ATO is preparing to issue section 264 notices to some accountants, requiring the production of documents relating to dividend access shares.

It is vital that a section 264 notice is dealt with promptly. There are very limited opportunities for seeking an extension of time or challenging a notice on the grounds that the timeframe for responding is difficult, but there is some precedent for extensions being granted where the taxpayer has to produce documents (rather than attend an interview).

If an extension is needed, then it is important that the application is made as soon as possible after receipt of the notice and is backed up by legal submissions.

A failure to comply with a section 264 notice is an offence, punishable by a fine or (for multiple breaches) imprisonment.

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